GbpChf Trading Sideways For Now. 1.4830/40 Is Resistance
Technical Outlook and Chart Setups:
The structure remains unchanged and constructive for bears. As depicted here, the past support turned resistance area is at 1.4830/40 region. Strong resistance begins from 1.5050 level and extends through 1.5150/60. Immediate support is at 1.4600. It is recommended to sell intraday rallies towards 1.4820/40 for further downside extensions and targets towards 1.4500. Looking lower from here on after a minor pullback though.
1. Hold on to short positions taken earlier, move stop to breakeven levels.
2. Initiate fresh short positions on intraday rallies towards 1.4820/40 levels, target is at 1.4600, and stop is at 1.4900.
The material has been provided by Instaforex Company – instaforex.com